New York area landlords and tenants need to understand the proper rules for security deposits in the state. With so much going on, it can be easy to overlook the basics. Learn eight security deposit laws every New York landlord must follow.

Here are the 8 basic rules of New York’s Security Deposit Law:

1. Maximum Security Deposit: No Limit
2. Nonrefundable Deposit: Not Allowed
3. Storing Deposits: In a separate bank account. Deposit must earn interest if rental property has 6 or more units.
4. Written Notice: Yes, must send notice to tenant after receipt of deposit.
5. Keeping Deposit: Damages, Unpaid Rent, Other Breaches to Lease.
6. Walk-Through Inspection: Not Required
7. Returning Deposit: Within a Reasonable Time
8. Selling Property: Landlord must transfer all deposits to new owner and notify tenants in writing that their deposits have been transferred.

This is an excerpt from an article by Erin Eberlin titled 8 Basics of New York’s Security Deposit Law: What Every New York Landlord and Tenant Needs to Know. Click here to read the full article.

 

TheBalance.com 09/09/16
8 Basics of New York’s Security Deposit Law: What Every New York Landlord and Tenant Needs to Know.
Erin Eberlin